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Browsing Working Papers CREI (Centre de Recerca en Economia Internacional) by Title

Browsing Working Papers CREI (Centre de Recerca en Economia Internacional) by Title

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  • Rossi, Barbara, 1971- (2020-07-31)
    The recent financial crisis led central banks to lower their interest rates in order to stimulate the economy until they hit the zero lower bound. How should one identify monetary policy shocks in unconventional times? ...
  • Debortoli, Davide; Galí, Jordi, 1961- (2023-07)
    We study the role of idiosyncratic income risk for aggregate fluctuations within a simple heterogeneous households framework. We show that the presence of idiosyncratic income shocks affects the economy’s response to an ...
  • Fornaro, Luca; Romei, Federica (2023-06)
    We study optimal monetary policy during times of exceptionally high global demand for tradable goods, relative to non-tradable ones. The optimal monetary response entails a rise in inflation, which helps rebalance production ...
  • Fornaro, Luca; Wolf, Martin (2022-09)
    We provide a framework in which monetary policy affects firms’ automation decisions (i.e. how intensively capital and labor are used in production). This new feature has far-reaching consequences for monetary policy. ...
  • Hauk, Esther; Lanteri, Andrea; Marcet, Albert (2019-11)
    We study optimal policy when the planner has partial information in a general setup where observed signals are endogenous to policy. In this context, signal extraction and policy have to be determined jointly. We derive a ...
  • Fajgelbaum, Pablo; Schaal, Edouard (2019-12)
    We study optimal transport networks in spatial equilibrium. We develop a framework consisting of a neoclassical trade model with labor mobility in which locations are arranged on a graph. Goods must be shipped through ...
  • Gennaioli, Nicola; Ponzetto, Giacomo A. M. (2017-01)
    Many real-world contracts contain vague clauses despite the enforcement risk they entail. To study the causes and consequences of this phenomenon, we build a principal agent model in which contracts can include vague clauses ...
  • Greulich, Anna Katharina; Laczó, Sarolta; Marcet, Albert (2022-08)
    We study optimal Pareto-improving factor taxation when agents are heterogeneous in their labor productivity and wealth and markets are complete. Pareto-improving policies require a gradual reform: labor taxes should be ...
  • Fajgelbaum, Pablo; Gaubert, Cecile; Gorton, Nicole; Morales, Eduardo; Schaal, Edouard (2023-06-29)
    How do political preferences shape transportation policy? We study this question in the context of California’s High-Speed Rail (CHSR). Combining geographic data on votes in a referendum on the CHSR with a model of its ...
  • Benigno, Gianluca; Fornaro, Luca; Wolf, Martin (2022-03)
    We present a model that reproduces two salient facts characterizing the international monetary system: Fast growing emerging countries i) run current account surpluses, ii) accumulate international reserves and receive net ...
  • Castells Jauregui, Madalen; Kuvshinov, Dmitry; Richter, Björn; Vanasco, Victoria (2024-04-10)
    What is the sectoral composition of the market for safety, and does it matter for economic stability? To address these questions, we construct a novel dataset of sectoral safe asset positions in 24 advanced economies since ...
  • Andrade, Philippe; Galí, Jordi, 1961-; Le Bihan, Hervé; Matheron, Julien (2021-04-13)
    We address this question using an estimated New Keynesian DSGE model of the Euro Area with trend inflation, imperfect indexation, and a lower bound on the nominal interest rate. In this setup, a decrease in the steady-state ...
  • Ponzetto, Giacomo A. M.; Troiano, Ugo (2024-01)
    This paper shows that social capital increases economic growth by raising government investment in human capital through better political incentives and selection. We provide empirical evidence that a greater share of ...
  • Broner, Fernando; Bustos, Paula; Carvalho, Vasco M. (2019-12)
    We study the determinants of comparative advantage in polluting industries. We combine data on environmental policy at the country level with data on pollution intensity at the industry level to show that countries with ...
  • Ghassibe, Mishel; Zanetti, Francesco (2022-07)
    We develop a general theory of state-dependent fiscal multipliers in a framework featuring two empirically relevant frictions: idle capacity and unsatisfied demand. Our key novel finding is that the source of fluctuations ...
  • Heblich, Stephan; Nagy, David Krisztián; Trew, Alex; Zylberberg, Yanos (2023-07-03)
    This paper studies how cities’ industrial structure shapes their life and death. Our analysis exploits the large heterogeneity in the early composition of English and Welsh cities. We extract built-up clusters from early ...
  • Ponzetto, Giacomo A. M.; Petrova, Maria; Enikolopov, Ruben (2020-10-07)
    Trade barriers cause substantial deadweight losses, yet they enjoy surprising voter support. We develop an electoral model that accounts for this puzzling popularity of protectionism. Producers have incentives to acquire ...
  • Benigno, Gianluca; Fornaro, Luca; Wolf, Martin (2023-10)
    Since the late 1990s, the United States has received large capital flows from developing countries - a phenomenon known as the global saving glut - and experienced a productivity growth slowdown. Motivated by these facts, ...
  • Andrade, Philippe; Galí, Jordi, 1961-; Le Bihan, Hervé; Matheron, Julien (2019-10-07)
    We study how changes in the steady-state real interest rate (henceforth, r*) affect the optimal inflation target in a New Keynesian DSGE model with trend inflation and a lower bound on the nominal interest rate. In this ...
  • Fornaro, Luca; Wolf, Martin (2021-04)
    We study the effects of supply disruptions - for instance caused by the emergence of a pandemic - in an economy with Keynesian unemployment and endogenous productivity growth. By negatively affecting investment, even ...

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